Configure currency conversions

After BillPro Customer Service configures your merchant, you will have a set of acceptance currencies. One of the acceptance currencies will also be your default base currency. You can use the acceptance currencies in products and orders and accept payments in these currencies. If you use currency conversions, BillPro will convert the price of your products from your base currency to the order currency.

You can choose from these options to manage multiple currencies in BillPro.

• Create a separate product for each currency with the price in that currency, and then maintain your products and their pricing.
• Use currency conversions to automatically convert the price in orders from the price of a single product in your base currency. You can choose to:
  • Use automatic conversions with live mid-market rates that are updated daily, and add a conversion premium to cover your acquirer's conversion fees; OR
  • Manually set your own rates and update them as required.

BillPro uses 4 decimal places to calculate currency conversions.

Manage currencies

1. In the navigation menu, go to the account icon with your user photo or initials.
2. From your user account options menu, select Currency Pairs.

Configure automatic currency conversions

The mid-market exchange rate is the average of buying and selling prices for a currency in the foreign exchange market. BillPro automatically updates the mid-market rate daily from openexchangerates.org.

To configure automatic currency conversions, do these steps.

1. On the Currency Pairs pop-up, select the method of setting exchange rates as Live mid-market rates updated daily.

2. Your acquirer will charge you for conversions, so to charge your customer a markup for currency conversions, select Add a conversion premium of (%).
   The default conversion premium is 3%. So for example, if the exchange rate is 1.1744% and you set a conversion premium of 3.00%, you will charge 1.21%. The YOUR RATE fields include the conversion premium.

3. By default, BillPro rounds off conversions to the nearest full currency unit. You can select from the following rounding options.

   1. Nearest 1/100 currency unit, which is like the nearest cent
   2. Nearest 1/10 currency unit, which is like the nearest dime
   3. Nearest 1/1 (full) currency unit
   4. Nearest increment of .99

4. Click Submit.

   

BillPro will create the currency conversion rules and convert the price of your products from your base currency to the order currency.

Configure manual currency conversions

To configure currency conversions, do these steps.

1. In the Currency Pairs pop-up, select the method of setting exchange rates as Set Rates Manually
2. BillPro displays the mid-market rates for today in the EXCHANGE column. Enter your exchange rates in the YOUR RATE column. BillPro uses 4 decimal places to calculate currency conversions.
3. By default, BillPro rounds off conversions to the nearest full currency unit. You can select from the following rounding options.
   1. Nearest 1/100 currency unit, such as the nearest cent
   2. Nearest 1/10 currency unit, such as the nearest dime
   3. Nearest 1/1 full currency unit
   4. Nearest increment of .99
4. Click Submit

BillPro will create the currency conversion rules and convert the price of your products from your base currency to the order currency.